Shallow Water Absheron Peninsula (SWAP) is a prospective exploration area around the

Absheron Peninsula The Absheron Peninsula ( az, Abşeron yarımadası) is a peninsula in Azerbaijan. It is the location of Baku, the biggest and the most populous city of the country, and also the Baku metropolitan area, with its satellite cities Sumqayit and Khyrd ...

in Azerbaijan. On 22 December 2014,

SOCAR The State Oil Company of Azerbaijan Republic ( az, Azərbaycan Respublikası Dövlət Neft Şirkəti), largely known as SOCAR is fully state-owned national oil and gas company headquartered in Baku, Azerbaijan. The company produces oil and na ...

and BP signed a

production sharing agreement Production sharing agreements (PSAs) or production sharing contracts (PSCs) are a common type of contract signed between a government and a resource extraction company (or group of companies) concerning how much of the resource (usually oil) extract ...

on the joint exploration and development of potential prospects in the shallow water area around the Absheron peninsula. The contract was ratified by the

Azerbaijani parliament The National Assembly ( az, Milli Məclis), also transliterated as Milli Mejlis, is the legislative branch of government in Azerbaijan. The unicameral National Assembly has 125 deputies: previously 100 members were elected for five-year terms ...

on 14 April 2015. The PSA contract area covers 1,900 km² and stretches along the margins of the Caspian basin to the south of the Absheron peninsula. The acreage features water depths of up to 40 metres with potential reservoir depths of 3,000-5,000 metres. The development term is 23 years with possible extension.Parliament of Azerbaijan ratified agreement between BP and SOCAR for hydrocarbons exploration and development in shallow waters of Absheron, abc.az, 14 April 2015, retrieved on 16 April 2015

References

{{coord missing, Azerbaijan Oil fields of Azerbaijan Energy in the Soviet Union Caspian Sea BP